FINANCE: Cordea Savills has raised £33m in a first close for its latest London residential fund.
This comes from a major bank based in Singapore.
The Prime Residential Development Fund II, first tipped by Estates Gazette in August will invest in developing homes in greater London, to be sold on to institutional investors looking to gain exposure to the private rented sector.
The fund is looking to raise £100m-£150m, with a number of closings anticipated over the coming six-to-nine months.
The fund is a follow-on from the Prime London Residential Fund I, which launched in 2012 and now has a gross development value of around £250m.
The first fund focused on prime central London, whereas the latest vehicle will also invest in the commuter belt.
Brian D’Arcy Clark, head of residential acquisitions, said: “Over the past couple of years much of the attention has been on the prime postcodes – there is a bigger story to tell in Greater London where there is a greater shortage of stock, proven demand and a pool of talented developers seeking funding to address the balance.”
sophia.furber@estatesgazette.com
